"Mr. Tomlinson," said this gentleman, "I wish you to do your best for a new Joint Stock-Company which I have just founded. This is the prospectus."
The stock-broker glanced over it, and said, in a musing manner, "Ah! very good indeed—excellent! 'British Marble Company.' Famous idea! 'Capital Two Hundred Thousand Pounds in Ten Thousand Shares of Twenty Pounds Each.' Good again. 'Deposit One Pound per Share.' That will do. Then comes the Board of Directors—all good names. I see you have made yourself Managing Director: well, that's quite fair! Then, again, 'Auditor, Mr. Alderman Sniff; Treasurer, Mr. Alderman Sniff; Secretary, Mr. Alderman Sniff.' But who sells the quarry to the Company? Oh! I see, 'Mr. Alderman Sniff.'"
"Well, what do you think of it?" demanded the alderman.
"You ask me candidly, my dear sir?"
"Certainly," replied the alderman.
"I think the plan is excellent. The only drawback to its success, is—shall I speak openly?"
"I wish you to do so."
"Then I am of opinion that you have given yourself too many situations," continued Tomlinson. "In the first place you found the Company, and you make yourself Managing Director. Well and good. But then you also sell the quarry to the Company. Now, as Managing Director, you have to award to yourself a sum for that quarry; as Treasurer you pay yourself; as Secretary you draw up the agreements; and as Auditor you confirm your own accounts!"
"Perfectly correct, Mr. Tomlinson. Is it not a rule that Joint-Stock Companies are never to benefit any one save the founder?"
"Oh! no one denies that," answered the stock-broker. "What I am afraid of is, that the public will not bite, when they see one man occupying so many situations in the Company."